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OilSands Canada Corporation announces normal course issuer bid

TORONTO, Aug. 28 /CNW/ - OilSands Canada Corporation (the "Fund")
announced today its intention to make a normal course issuer bid for its
equity shares through the facilities of the Toronto Stock Exchange (the
"TSX"). This normal course issuer bid is intended to commence on September 4,
2007 and will terminate on September 3, 2008.
The Fund had 5,000,000 units issued and outstanding as at August 21,
2007. Each unit consists of one equity share and one-half of one equity share
purchase warrant. The equity shares and warrants comprising the units will
separate and commence trading independently on the TSX on September 4, 2007.
OilSands may, during the 12 month period commencing September 4, 2007 purchase
on the TSX up to 480,410 equity shares, being 10% of the public float of
4,804,101 equity shares and may not, in any 30 day period, purchase more than
100,000 equity shares, being 2% of the equity shares issued and outstanding.
OilSands will cancel all equity shares purchased pursuant to the bid. OilSands
believes that its equity shares represent good value for the Fund and
purchases under the normal course issuer bid may serve to enhance returns to
shareholders.
OilSands Canada Corporation trades on the Toronto Stock Exchange under
the symbol "OCF".